BRICS summit in 2009 announced that a key mission was to challenge the power of the U.S. dollar as the world's principal reserve currency, the grouping has thus far succeeded only in creating a minor competitor to the U.S.-controlled SWIFT banking system.
Vladimir Putin embraces diplomatic limelight as leaders of expanded BRICS gather in Russia
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In an online message, United Arab Emirates leader Sheikh Mohammed bin Zayed Al Nahyan welcomed the BRICS announcement and said his nation would be joining an “important group.”
Iran, Saudi Arabia and Egypt are among 6 nations set to join China and Russia in BRICS economic bloc
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